Oil prices climbed nearly 1% on Wednesday after the United States launched fresh military strikes against Iran, while another sharp drawdown in US crude inventories added to concerns over tightening global supply.
Brent crude futures rose 83 cents, or 0.9%, to US$92.29 a barrel, while US West Texas Intermediate (WTI) crude gained 68 cents, or 0.8%, to US$88.97.
The rebound came a day after both benchmarks touched multi-week lows amid hopes of easing tensions between Iran and Israel. However, market sentiment shifted after the US military carried out new strikes on Iranian targets following the reported downing of a US Apache helicopter.
The latest escalation has raised doubts over the durability of a fragile ceasefire between Washington and Tehran, with Iran warning it could resume hostilities if Israel continues attacks against Hezbollah in Lebanon.
Concerns over energy supply remain elevated as Tehran continues to restrict much of the shipping traffic through the Strait of Hormuz, a key chokepoint that normally handles around one-fifth of global crude oil and liquefied natural gas shipments.
Supporting prices further, US crude inventories fell for an eighth consecutive week, according to data from the American Petroleum Institute.
Market sources said crude stockpiles dropped by 9.12 million barrels in the week ended June 5, while gasoline inventories declined by 1.19 million barrels.
The continued drawdown in US inventories has heightened concerns over supply availability, particularly as the United States has emerged as a key marginal supplier of crude oil and refined products to Asia and Europe during the conflict.
Investors are also monitoring developments in the Middle East closely, as any prolonged disruption to shipping routes or further military escalation could tighten global energy supplies and keep oil prices elevated in the near term.
Reuters reported that US Energy Secretary officials said shipping activity in the Gulf and oil exports through the Strait of Hormuz have begun to improve, although negotiations between Washington and Tehran to end the conflict remain unresolved.
